JERUSALEM Israeli drug maker Teva Pharmaceutical Industries has finished its $5 billion acquisition of German generic drug maker Ratiopharm, Teva said Tuesday.
The acquisition of Ratiopharm, Germany’s second largest maker of generic drugs, makes Teva the top generic drug maker in Europe and will increase its sales in Canada, according to Teva. Teva is already the largest generic drug maker in the world.
“This is an exciting day for Teva and Ratiopharm,” Teva president and CEO Shlomo Yanai said. “Teva, the world’s leading generic pharmaceutical company, will now become the number one generics company in Europe as well.”
Ratiopharm was up for sale last year following the suicide of its owner, Adolf Merckle, who left behind large debts for Ratiopharm and for Phoenix Pharmahandel, the family’s drug-distribution business.